Schenectady County fetes high bond rating

PHOTOGRAPHER: Stephen Williams

Schenectady County has retained its Aa1 financial rating from Moody’s Investors Service, county officials announced Tuesday.

The rating makes the county just one of a handful in New York state to carry the rating. It has had the rating since 2008.

“This high rating is very difficult to achieve and maintain,” said Anthony Jasenski, chairman of the county Legislature. “Schenectady County is proud of our fiscal management strategies and unified economic development efforts that have created a growing tax base and helped retain our strong bond rating.”

In a report, Moody’s said the county has a sizeable tax base, above-average economic indicators, satisfactory reserve levels and a manageable debt level. It noted that General Electric is the county’s largest taxpayer, and with 7,100 local employees, has been expanding. The Rivers Casino & Resort is also expected provide an economic boost when it opens in February.

The rating was issued because the county is preparing to issue nearly $5 million in general obligation bonds for capital projects. A high credit rating generally means the county will receive a lower interest rate on its borrowing.

Reach Gazette reporter Stephen Williams at 395-3086, [email protected] or @gazettesteve on Twitter.